Closed banks and capital controls until referendum

Series Title
Series Details 29.06.15
Publication Date 29/06/2015
Content Type

The Greek government decided on the 28 June 2015 that banks would remain closed in Greece for the period leading up to the proposed referendum on the 5 July 2015 asking the Greek people whether they accepted the terms of a international creditors deal. Limited capital controls would also be introduced.

Greek Prime Minister Alexis Tsipras said the decision by the ECB 'to limit the liquidity available to Greek banks and forced the Greek central bank to suggest a bank holiday and restrictions on bank withdrawals'.

In a statement Jean-Claude Juncker, European Commission President, said on the 29 June 2015 that the Greek people should vote for Europe in the forthcoming referendum. He also said he felt betrayed by the unilateral action of the Greek government to call the referendum. Various political leaders in Italy, France and Germany said that rejecting the creditors' proposals would mean effectively mean leaving the euro.

In an interview on Greek tv on the 29 June 2015 Mr Tsipras said that that Greece was still open to an agreement with creditors, suggested that a payment due on the 30 June 2015 to the International Monetary Fund would not be paid and hinted that he would step aside in the event of a yes vote in 5 July 2015 referendum on creditors’ proposals to Greece.

Source Link http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_29/06/2015_551649
Related Links
ESO: Background information: Tsipras announces referendum on lenders' proposals / Eurogroup, Brussels, 27 June 2015 http://www.europeansources.info/record/tsipras-announces-referendum-on-lenders-proposals-eurogroup-brussels-27-june-2015/
ESO: Background information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/
Bank of Greece: Press Release, 29.06.15: Announcement of the Bank of Greece http://www.bankofgreece.gr/Pages/en/Bank/News/Announcements/DispItem.aspx?Item_ID=5006&List_ID=1af869f3-57fb-4de6-b9ae-bdfd83c66c95&Filter_by=AN
Deutsche Welle, 29.06.15: Greece: A week with no banks http://dw.com/p/1FolC
BBC News, 29.06.15: Greek debt crisis: Banks to remain shut all week http://www.bbc.co.uk/news/world-europe-33307263
European Commission: DG COMM: RAPID: STATEMENT/15/5271: Statement on behalf of the European Commission by Jonathan Hill on the capital controls imposed by the Greek authorities http://europa.eu/rapid/press-release_STATEMENT-15-5271_en.htm
Euro|Topics: Main Focus, 29.06.15: Debt dispute escalates http://www.eurotopics.net/en/home/presseschau/archiv/archiv_dossier/DOSSIER165398-Debt-dispute-escalates
EUObserver, 29.06.15: Greeks can withdraw €60 a day https://euobserver.com/economic/129359
Politico, 28.06.15: Greece imposes capital controls, closes banks http://www.politico.eu/article/greek-bank-closed-capital-controls-grexit-greece-ecb-eurozone/
EUObserver, 29.06.15: Asian markets react mildly to Greek referendum https://euobserver.com/economic/129360
BBC News, 29.06.15: EU chief feels 'betrayed' by Greece http://www.bbc.co.uk/news/world-europe-33311240
European Commission: DG COMM: Rapid: SPEECH/15/5274: Transcript of President Jean-Claude Juncker's press conference on Greece, Brussels, 29 June 2015 http://europa.eu/rapid/press-release_SPEECH-15-5274_en.htm
Greece: Ministry of Finance: News, 29.06.15: As it happened – Yanis Varoufakis’ intervention during the 27th June 2015 Eurogroup Meeting http://www.mnec.gr/?q=en/news/news/it-happened-%E2%80%93-yanis-varoufakis%E2%80%99-intervention-during-27th-june-2015-eurogroup-meeting
Kathimerini, 29.06.15: Referendum asks Greeks simply to accept of reject creditors' plan http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_29/06/2015_551691
Blog: LSE EuroppBlog, 29.06.15: The Greek referendum has generated unprecedented uncertainty over Greece’s future in the euro http://bit.ly/1GH2zJa
EurActiv, 29.06.15: Juncker asks the Greeks to vote yes for Europe http://www.euractiv.com/sections/euro-finance/juncker-asks-greeks-vote-yes-europe-315844
Kathimerini, 29.06.15: EU leaders urge Greeks to vote 'yes' to stay in euro http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_29/06/2015_551698
EUObserver, 29.06.15: Greece to fall into IMF 'arrears' https://euobserver.com/economic/129371
Kathimerini, 29.06.15: Tsipras says 'no' vote will help talks but 'yes' will prompt political developments http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_29/06/2015_551716
Deutsche Welle, 30.06.15: Greece teeters on the edge of default http://dw.com/p/1Fpt0
EurActiv, 29.06.15: Greek crisis divides European Socialists http://www.euractiv.com/sections/euro-finance/greek-crisis-divides-european-socialists-315838
EurActiv, 30.06.15: Juncker makes last minute offer to Greece http://www.euractiv.com/sections/euro-finance/Juncker%20makes%20last%20minute%20offer%20to%20Greece-315854
Euro|Topics: Main Focus, 30.09.15: Tsipras threatens with resignation http://www.eurotopics.net/en/home/presseschau/archiv/archiv_dossier/DOSSIER165481-Tsipras-threatens-with-resignation

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